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Panama Launches New Free Port

Panama has implemented the special tax and customs system structure of Free Port (created since 1992) applicable in the territory of the province of Colon which enables goods entering the designated area is exempt from tariffs or import tax.

Panamanian citizens and residents in the territory of the Republic of Panama, as well as tourists and passengers in transit will be benefited of this new Special System of Free Port.

Panamanians can make purchases of up to one thousand dollars (US $ 1,000.00) per semester, a benefit that cannot be combined or transferred to third parties; while tourists and passengers in transit can shop unlimited amounts, which are exempt from Import Tax and Tax on the Transfer of Movable Property and Provision of Services. Those individuals or companies who wish to invest in the Special System of Free Port may be infrastructure investors, commercial investors and / or importers of goods or products, and they will have the benefit of a number of tax incentives -depending on the caseexemption of property tax, exemption of the transfer of real property tax, income tax, among others. This includes as applicable- exemptions on the purchase and import of equipment and supplies, raw materials, machinery, tools, accessories, supplies and any goods or services required to carry out operations within the Special System of Free Port.

The Just last October 4th, 2016, it were determined the products or merchandise that will be buy/sell with the benefits granted by the Special System of Free Port. The list include: chocolates, essential oils, perfumes, lotions, soaps, cleaning products, clothing and clothing accessories, footwear, jewelry, jewelry in general, and toys, among others.

For more information on the benefits provided by this Special System Free Port for investors, importers and consumers do not hesitate to contact us.

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